Reach Out, Tie In, Engage: A Call to Action for Undereducated Communities
A strong credit union must integrate fully within the community it operates, especially if there are fundamental edification needs. Is your credit union a guardian of financial literacy, philanthropic about educational programs, and a strong partner for educating the community?
Findings suggest that early education in schools, with appropriately trained teachers, armed with properly designed curriculum, can be effective, especially if the socio-economic family aspects are addressed and schools partner with unbiased private or public-sector providers.
Finally, and most importantly for this article, there are the socio-economic factors such occupation, income, education level, place of residence, access to financial services, language, and monetary values and norms than can plague families, the same families of the most at-risk students.
Ergo, besides ensuring that a credit union’s products and incentives are welfare enhancing to members and lobbying for stronger educational standards in the school systems, credit unions can synergistically tackle the socio-economic challenges of financial literacy in the community while generously supporting school efforts.